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flag UK Chancellor cuts 2025 growth forecast to 1%, citing higher costs and global trade uncertainties.

flag UK Chancellor Rachel Reeves announced a lower growth forecast of 1% for 2025, down from 2%, citing higher interest rates, gas prices, and global trade uncertainties. flag The Office for Budget Responsibility (OBR) also warned that inflation could rise to 3.2% in 2025. flag The Spring Statement included plans to cut welfare spending and boost defence budgets, while addressing potential global tariff impacts on the economy.

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